E-commerce giant Amazon could be whacked with regulatory hurdles, according to Gabelli Multimedia Trust portfolio manager Larry Haverty.
Continue Reading Below
“I think it’s the fuel for antisocial behavior,” Haverty told FOX Business’ Maria Bartiromo on “Mornings with Maria” on Monday. “I think it’s sooner or later going to run into the antitrust people.”
Amazon, founded in 1994 by Jeff Bezos, has diversified into several market sectors, including retail and grocery.
In 2017, Bezos net worth reached $112 billion, according to Forbes, and by that measure can be compared to J.D. Rockefeller, the founder of Standard Oil and world’s first billionaire, Haverty pointed out.
“Amazon, to me, looks a lot like Standard Oil,” he said. “And Standard Oil got broken up into many, many pieces.”
Haverty predicts regulators will eventually break up the tech giant.
“I think they will break up Amazon Web Services and the other Amazon businesses,” he said. “The other Amazon businesses will not have any cash flow to support themselves.”
The company recently overtook Google’s parent, Alphabet, as the world’s second largest company with a market capitalization of $768 billion.